The Challenge
The customer had recently forayed into Agri Insurance business with products providing financial protection against vagaries of weather on crops sown by farmers. Fragmented processes leading to delays was a major hurdle that led to inefficiencies in conducting business. This gave rise to the need of implementing smart agricultural insurance technology tools to capture data that is critical in positioning products.
The Solution
iNube designed & deployed Agri InsuranceWeb Application for end-to-end enrolment management together with an enterprise mobility solution. In addition, the innovative agricultural insurance technology included an Android based Crop Cutting Equipment (CCE) mobile application. Above all, the agricultural insurance technology solution effectively handled Policy Issuance, Underwriting and Claims management.
Automated inward management and Kit management processes
Embedded logic for Sum Insured and Premium based on scale of finance and Premium Master
Intelligent business rules were built to manage weather insurance claims
Capability of calculation of claim settlement amount factoring in the Threshold Yield (TY), Actual Yield (AY) and other business parameters
Extensive MIS reporting capability was enabled
Robust analytics with a focus towards data gathering
Value Delivered
The agriculture insurance software enabled transparent and efficient decision making for claims
Early adoption of emerging technology inline with client’s vision to remain at the forefront of technology
Reduced TAT by 25%
For policy issuance
Reduced TAT by 15%
For claims processing
More than 60%
Reduction in TAT in comparison to manual process
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